07:59:04 EDT Sat 04 May 2024
Enter Symbol
or Name
USA
CA



Well Health Technologies Corp
Symbol WELL
Shares Issued 235,270,226
Close 2023-07-26 C$ 4.66
Market Cap C$ 1,096,359,253
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Well Health forms Well Health USA business unit

2023-07-27 10:05 ET - News Release

Mr. Hamed Shahbazi reports

WELL LAUNCHES 'WELL HEALTH USA' TO DEEPEN INTEGRATION BETWEEN US LINES OF BUSINESS AND FACILITATE FURTHER GROWTH

Well Health Technologies Corp. has formed its new Well Health USA business unit, a rebranding of what was previously CRH Medical Corp., a wholly owned subsidiary of Well.

Hamed Shahbazi, Founder and CEO of WELL commented, "This is an important and exciting move for our company as we are building on the successful acquisition of CRH more than two years ago which has not only become a much more digitally enabled healthcare enterprise, but it has also become the center of gravity in WELL's US based business. It is very clear to us that we have significant opportunities to not only grow our business in the US but also leverage our deep US based experience and capabilities for the benefit of other WELL lines of business."

WELL Health USA will be run by the current CEO of CRH Medical, Jay Kreger. Mr. Kreger originally joined CRH as President of its Anesthesia division in 2016, whereupon he developed an anesthesia management team necessary to grow and sustain our best-in-class anesthesia service and ensured a seamless integration of newly acquired practices onto the CRH Anesthesia platform. He was appointed CEO in January 2022. Prior to joining CRH, Mr. Kreger was the VP of Development for the Ambulatory Surgery Division of HCA, where he was responsible for expanding HCA's network to over 130 ASCs through acquisitions and partnerships. Previously, he served in several capacities at Surgical Care Affiliates - namely, in Development and Operations Leadership roles.

Jay Kreger, CEO of WELL Health USA commented, "The CRH management team has deep expertise and over 100 years in combined experience in allocating capital, integrating, and growing healthcare businesses and working inside some of the largest and most prominent healthcare companies in the United States. That expertise has allowed us to execute on WELL's goals and objectives. With this move, we are now empowered to leverage our capabilities and deepen integration opportunities between our US lines of business. A great example of this is our recent acquisition of Radar Healthcare providers, which provides best-in-class provider recruitment. This is an excellent opportunity for us to evolve Radar to support other US based lines of business."

The new WELL Health USA business unit reflects WELL's Canadian tech-enabled healthcare business quite well as it is also a multi-disciplinary tech-enabled care delivery business that spans across both primary and specialized care providing both online and in-clinic operations at scale. The platform also has exposure to and deep expertise in several exciting growth areas such as behavioral health and women's reproductive and sexual health. This integrated operating platform will support approximately 3,000 healthcare providers across 300+ clinics1, ASCs and hospitals, who provide services to over 2 million patients annually. This business unit encompasses U.S. based companies and brands including CRH Anesthesia, CRH O'Regan System, Radar Healthcare Providers, Circle Medical and Wisp. This single business unit will help WELL better assist and continue to grow market share through a unique and unified platform offering.

As part of its mission, WELL Health USA will roll out and offer 'shared services' to other US based operating units. Such shared services may include, but not be limited to: Insurance, Billing, Credentialing, Payor Contracting/Strategies, Procurement, Legal, Human Resources/HRIS and Payroll, Benefits, Learning, Recruitment, etc. focusing on the synergies and cost-effective benefits that become available with organizational scale. WELL Health USA will also continue to work with the rest of the WELL Health organization to ensure that shared services offered via WELL's Canadian headquarters such as cybersecurity, IT and digital marketing can be more efficiently rolled out and utilized as required.

Footnotes: 1. The figure of 300+ clinics includes mostly ASCs where WELL/CRH supports care delivery but doesn't own and operate the facilities themselves.

About WELL Health Technologies Corp.

WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 28,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 130 clinics supporting primary care, specialized care and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF".

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